What measures should NFT companies or NFTs put in place to become AML compliant? And, is it worth the trouble?
As legislators sharpen their pencils, NFT marketplaces and businesses are bound to be met with AML compliance requirements and the need to build AML infrastructure.
However, they shouldn’t do it blindly. There are questions that every NFT business should consider answering while working their way into AML compliance:
Despite the crypto universe’s love for decentralization, a centralized marketplace can effectively become a legal entity.
By becoming a legal entity, NFT marketplaces make it easier to both earn user trust and attract investors.
While not operating as one, however, they can avoid compliance which is why when/if picking an AML regime, these businesses should seriously ponder over the next point.
How Will NFT Sales Deal with Different Jurisdictions?
When establishing a marketplace or any other related business, we cannot emphasize enough just how important the jurisdiction is.
This can single-handedly destroy one’s strategy as regulations and taxes…
